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Kissht, an instant line of credit platform catering to the lower mass market and small/micro-business segment, has raised ₹100 crore in its latest investment round led by Trifecta Capital and Northern Arc.
The company has so far raised over ₹270 crore in equity and over ₹1,200 crore in debt. In the current round, Trifecta and Nothern Arc have each subscribed to ₹50 crore of non-convertible debentures (NCDs).
The startup will use the funding to deepen its presence across India and further expand product offerings including credit cards for the owners of small business/shops.
The company will also utilize the funds to expand scale of operations, further enhance product offerings, including credit cards for small business/shops and further improve underwriting capabilities to extend credit to new to credit (NTC) segment using AI and machine learning.
Speaking on the funding, Krishnan Vishwanathan, co-founder, Kissht, said, “Our aim at Kissht is to bring instant, hassle-free credit on the back of our self- learning, strong underwriting and collection capabilities paving the way for lower income and small-business owner segment. This funding will further aid our goal of removing financial constraints, expanding our footprint across tier-II centers in India."
With its proprietary risk and underwriting models and proposition built around instant, hassle-free credit for business and consumption, Kissht has onboarded over three million unique borrowers and funded close to five million transactions on an annualized basis.
Kissht plans to expand its business to 10 million unique borrowers and total transaction-linked credit volume to ₹10,000 crore in FY23 (3 times higher than FY22).
The company is projecting overall revenue of over ₹500 crore and a profit before tax (PBT) of over ₹50 crore for FY22.
Rahul Khanna, managing partner, Trifecta Capital, “Kissht is catering to a large and untapped opportunity in India today, and has demonstrated leadership in this segment through focused customer acquisition, underwriting prowess, control on credit costs and innovative collection processes".
Kissht was founded in 2015 by IIT graduates and former McKinsey consultants who had served financial services firms.
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